Greenbank Partnerships Limited - Accounts to registrar (filleted) - small 18.2
Greenbank Partnerships Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
FOR |
GREENBANK PARTNERSHIPS LIMITED |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GREENBANK PARTNERSHIPS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
1st Floor Waterside House |
Waterside Drive |
Wigan |
Lancashire |
WN3 5AZ |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
BALANCE SHEET |
31 DECEMBER 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings non |
distributable | 9 | ( |
) | ( |
) |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
BALANCE SHEET - continued |
31 DECEMBER 2020 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | STATUTORY INFORMATION |
Greenbank Partnerships Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have reviewed the company's forecasts and projections and in particular have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic. |
The directors have reasonable expectations that the company will have adequate funding and support to continue in existence for the foreseeable future. |
The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Investment property |
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value being reflected in the income statement. Properties are valued on an open market basis by Mr C J Baybutt (FRICS), a director of the company, supported by external valuations. |
Stock and work in progress |
The commercial development at Leigh Sports Village has been valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Covid-19 impact |
The director has reviewed the company's forecast and projections and, in particular, have considered the potential implications of the Coronavirus (Covid-19) pandemic. |
The company has accessed government support during the pandemic. |
Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that it will continue to have minimal impact on the company and that it will remain operational throughout the pandemic. |
The company therefore continues to adopt the going concern basis in preparing its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
Additions |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2020 |
and 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
Fair value at 31 December 2020 is represented by: |
£ |
Valuation in 2020 | 222,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.12.20 | 31.12.19 |
£ | £ |
Cost | 224,149 | 224,149 |
Investment property was valued on a fair value bases basis on 31 December 2019 by Healy Simpson Ltd & Parkinson Commercial . |
In the opinion of the directors the fair value for the existing use of the company's investment properties as at 31 December 2020 is not materially different from the book value as stated in these financial statements. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
Amounts owed by related parties | 1,591,681 | 1,832,648 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings and other creditors have been treated as falling due within one year as this is the technical legal status at the balance sheet date. Subsequent to the year end they have confirmed that as in previous years they will provide sufficient financing to support the company for the 12 months following the approval of these accounts. |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
A Ordinary | £1 | 450 | 450 |
B Ordinary | £1 | 450 | 450 |
C Ordinary | £1 | 100 | 100 |
1,000 | 1,000 |
9. | RESERVES |
Retained |
earnings |
non |
distributable |
£ |
At 1 January 2020 |
and 31 December 2020 | ( |
) |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019: |
31.12.20 | 31.12.19 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The overdrawn directors loan account was repaid in September 2020 by way of a bonus. |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies. |
During the year the company generated recharges and transfers with Figurehead Homes Limited, a company of which Mr C J Baybutt, Mr D J Baybutt and Mr J Melling are directors of £278,462(2019 - £515,197). There was also a balance due from Figurehead Homes Limited of £197,130 (2019 - £475,592). |
The company also made recharges and transfers of £31,487 (2019 - £29,802) during the year to Helium Miracle 113 Limited, a company of which Mr C J Baybutt, Mr D J Baybutt and Mr J Melling are directors. There was a balance due from Helium Miracle 113 Limited as at 31 December 2020 of £1,388,543 (2019 - £1,357,056). |
At the year end the company had a loan balance with the Baybutt Family Trusts totalling £4,768,482 (2019 - £4,826,316). |
GREENBANK PARTNERSHIPS LIMITED (REGISTERED NUMBER: 02384495) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
12. | ULTIMATE PARENT UNDERTAKING |
The company is a wholly owned subsidiary of Greenbank Group Holdings Limited, a company registered in England. |
13. | CONTROLLING INTEREST |
As shareholders of Greenbank Group Holdings Limited the Trustees of the Baybutt Family Trusts have a controlling interest in the company. |